DALIAN, China ― On Friday, STX Group announced the “Vision 2020” at its shipyard in Dalian, China at an event celebrating the group’s 10th anniversary. The group hopes to become one of South Korea’s seven largest conglomerates with combined sales of 120 trillion won ($112 billion) by 2020.STX Group Kang Duk-soo, however, says that he has his eyes set on the global market. STX Group chairman Kang D

Hyundai Motor Group’s two carmakers Hyundai Motor Co. and Kia Motors Corp. are receiving orders for their first gasoline-hybrid electric vehicles from Monday.While the carmakers had introduced hybrid electric vehicles based on the compact cars Avante and Forte with liquefied natural gas-electric powertrain, the hybrid Sonata and K5 are their first gasoline-electric hybrids.The vehicles are fitted

Renault Samsung Motors Co. announced on Wednesday that a new vehicle navigation system developed in collaboration with SK Telecom will be applied across its lineup from 2012.The carmaker said that it has been working with SK Telecom, the country’s largest mobile telecom service provider, since December to develop a new navigation system.According to the company, the new system was developed as a “

The German high-performance specialist Porsche will be introducing the 911 GT3 RS 4.0. Limited to 600 vehicles, the 911 GT3 RS 4.0 is fitted with a six-cylinder, 4-liter engine capable of putting out 500-brake horsepower.  911 GT3 RS 4.0The 911 GT3 RS 4.0, fitted with a six-speed sports transmission, can reach 100 kilometers per hour in 3.9 seconds and double its speed in under 12 seconds. The veh

Bentley Korea launched the new Continental GT on the local market on Wednesday. The new Continental GT is fitted with a 6-liter twin turbo engine that puts out 575-brake horsepower, 15-brake horsepower more than the engine used in the previous version. The new Bentley Continental GTThe new Bentley’s speed tops out at 318 kilometers per hour, and requires 4.6 seconds to reach 100 kilometers per hou

Honda Korea is holding a sales campaign for small motorcycles until the end of May.During the period, the company is offering two coupons for free checkup services on all Honda motorcycles with engine displacements of 125 cubic centimeters or less. Models eligible for the promotion include the scooters PCX and SCR110, and the CBR125R sports motorcycle. Honda PCXThe coupons also cover free engine o

GM Korea Co. on Friday it would be the first to begin producing GM’s new Malibu midsized sedan.The company said that the new model will go into production at its plant in Bupyeong, Incheon during the third quarter of the year. Chevrolet Malibu (GM Korea Co.)Korea will also be the first among the 100 countries where the vehicle will be marketed to see the Malibu launched, the company said. The Mali

DALIAN, China ― STX Group aims to become one of South Korea’s seven largest conglomerates in terms of assets by 2020, the company announced in Dalian on Friday.The business group revealed its “Vision 2020” plan to coincide with the conglomerate’s 10 year anniversary event held in the Chinese city. Among other things, the plan calls for increasing the group’s annual sales to 120 trillion won ($112

Hyundai Motor Co.’s quarterly sales increased 21.4 percent from a year ago, while that of its affiliate Hyundai Steel rose to record levels.In a regulatory filing, Hyundai Motor revealed that its first quarter sales increased 21.4 percent compared to the same period last year to come in at 18.23 trillion won, while operating profits soared 45.6 percent over the same period to come in at more than

Hyundai Motor Co. finalized the deal with China’s Sichuan Nanjun Automobile Co. to establish a commercial vehicle plant in China on Thursday.The two companies had signed a memorandum of understanding on setting up a joint venture in October.Sichuan Nanjun Automobile Co. is China’s 11th-largest producer of commercial vehicles. The company operates two plants with a combined annual production capaci

At the recent Seoul Motor Show, Hyundai Motor Co. and Kia Motors Corp. each unveiled their first gasoline-electric hybrid vehicles based on their midsized sedan’s Sonata and K5.While the carmakers had introduced hybrid electric vehicles based on the compact cars Avante and Forte powered by a combination of an electric motor and a liquefied natural gas engine, the hybrid Sonata and K5 mark their fi

By Choi He-suk Ulleung Island in the East Sea will be established as a zero-carbon island where most energy requirements are met by renewable sources, according to a government plan released Wednesday.As such, the government will draw up comprehensive plans to turn Ulleung Island into a “green island” that surpasses Denmark’s Samso Island in terms of renewable energy uses, the Ministry of Knowledg

By Choi He-sukThe packaged power stations Hyundai Heavy Industries provided to Tokyo Electric Power Co. began operations Wednesday.Developed by Hyundai Heavy, a packaged power station is a piece of diesel-fueled power generating equipment contained within a 40-feet long container.The world’s largest shipyard sent over four packaged power stations to Japan after TEPCO’s Fukushima Daiichi nuclear po

Industry and goverment officials including POSCO chief executive Chung Joon-yang (fourth from left, front row), Fair Trade Commission Chairman Kim Dong-soo (fifth from left, front row) and head of the Commission on Shared Growth for Large and Small Companies Chung Un-chan (sixth from left, front row) at POSCO’s office in Seoul after the steelmaker and subsidiaries signed an agreement to promote fa

The world’s largest crude oil producer Saudi Aramco will hold its annual board of directors meeting in Seoul on Thursday.According to S-Oil, Saudi Aramco chief executive Khalid A. Al-Falih came to Korea on a five-day trip on Monday, during which he will attend the board meeting.The Saudi state-owned firm produces about 3.4 billion barrels of oil on an annual basis, and supplies about 30 percent of

Sakha Republic’s delegation, led by President Egor Borisov, wrapped up its three-day trip to South Korea on Tuesday.Accompanied by 40 government and industry officials, Borisov came to Korea on Sunday to promote Sakha Republic’s economic projects including those involving natural resources development.Taking up about half of Russia’s Far Eastern Federal District, Sakha Republic is the world’s larg

The country’s largest spirits distributor Diageo Korea launched a new anti-counterfeiting device Tuesday.The new device, Windsor Protect, is designed so that a 2-millimeter gap is left between the cap and neck of the bottle once it is opened, preventing the bottle from being resealed once the original seal is broken.The device, which according to the company is the most efficient of its kind, will

Regulator losing public confidence for failing to maintain momentum in queries With Apple yet to break its silence over location data, local authorities face an uphill battle in determining whether the situation warrants real concern. The Korea Communications Commission, the state-run communications regulator, has formally relayed its worries about personal information storage to Apple Inc., the m

Hyundai Motor, Kia, Mobis post record sales with share prices soaringThe share prices of Hyundai Motor Group’s three automotive companies have reached new highs on an almost daily basis in recent months, but experts say there is still room to grow. Share prices of the “Hyundai Three” ― Hyundai Motor Co., Kia Motors Corp. and Hyundai Mobis Co. ― have risen at an unprecedented rate over the past yea

Hyundai Motor Group’s share of the United States’ market for midsized sedans for the first quarter of the year rose to a record high, industry data showed Sunday.According to industry data, 66,554 units of Hyundai Motor Co.’s Sonata and Kia Motors Corp.’s K5, known as the Optima in overseas markets, were sold in the U.S. during the first three months of the year, giving the companies’ a combined m